Why I Said That Even If Dangote Starts Working, We Will Not Get Our Fuel Cheap — Kenneth Okonkwo

Kenneth Okonkwo, spokesperson for African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has argued that the establishment of the Dangote Petroleum Refinery may not automatically translate into cheaper petrol for Nigerians, citing the high cost of crude oil, electricity, security and borrowing. Okonkwo made the remarks during an interview on Channels Television on Sunday, October 11, 2026.

According to Okonkwo, Atiku believes Nigeria’s position has changed from that of a country dependent on imported petroleum products to one with the capacity to export refined products because of the emergence of domestic refining. “Now, Atiku Abubakar said, the paradigm has shifted. We are no longer an importing nation in oil. We are now an exporting nation because we have our refinery,” Okonkwo said.

He identified the Dangote Petroleum Refinery as a major development in Nigeria’s refining sector, noting that its owner had expressed confidence in the facility’s capacity to meet the country’s domestic fuel requirements. “Dangote is producing and has assured he can produce all the domestic need of Nigeria,” he said.

However, Okonkwo questioned the extent to which the refinery could rely on locally sourced crude oil, arguing that its dependence on imported crude could affect the cost of producing petroleum products. “He said he needs about 700,000 barrels of oil per day. He’s getting about 20% locally,” Okonkwo said.

He maintained that the locally sourced share was insufficient to meet the refinery’s crude oil requirements, leaving it dependent on supplies from abroad. “So, what he’s getting, 20-something percent, is nothing. So, he’s still importing about 500,000 barrels per day. That was why I said that even if Dangote starts working, we will not get our fuel cheap,” he added.

Okonkwo argued that importing crude oil exposes the refinery to fluctuations in international prices, which could affect its production costs and, consequently, the prices of refined products sold in Nigeria. “Because he imports the crude, which is subject to the vagaries of international prices,” he said.

He also listed other operational expenses that he believes could prevent domestic refining from immediately delivering lower fuel prices. “He does not have power. There’s no electricity. He makes independent provision for that. He does not have security. So, he makes independent security for his staff and for his equipment,” he said.

Okonkwo further pointed to Nigeria’s high interest rates, arguing that the cost of borrowing could increase the financial burden on refinery operators. “The interest rate is high. He borrows at about 30% or more. When you check all those things, the cost of producing the barrel in the first place is about 30 dollars,” he said.